The Victorian First Home Owner Grant (FHOG) is a one-off payment of $10,000 designed to help first-time buyers purchase or build a new home valued up to $750,000. This grant is available for newly built homes, off-the-plan purchases, or substantially renovated properties that have never been lived in.
Eligibility criteria
To qualify, you must:
- Be 18 years of age or older.
- Be an Australian citizen, permanent resident, or eligible New Zealand citizen.
- Never owned residential property in Australia before 1 July 2000.
- Never lived in a home you owned for more than six continuous months after 1 July 2000.
- Intend to live in the home for at least 12 continuous months within 12 months of settlement or construction completion.
What properties qualify?
Not all properties meet the criteria
- Newly built homes, apartments and townhouses.
- House and land packages.
- Off-the-plan purchasers.
- Substantially renovated homes.
“Where no one has lived in the property after completion.”
How to apply
Applications can be lodged through your lender with the assistance of your mortgage broker or directly with the State Revenue Office (SRO). The grant is paid at settlement for purchases of established dwellings or at the first progress payment during construction of your home.
Why it matters
The First Home Owner Grant reduces your upfront costs by $10,000.00, lowering your loan amount and saving thousands in interest over the life of your mortgage.
You may also be eligible for the Australian Government 5% Deposit Scheme or the Australian Government Help to Buy Scheme may be of interest to you. Both these Schemes are designed to help you to enter the property market sooner.
